Analysis of Technical Barriers for Grand Sunergy's Heterojunction Photovoltaic Cells

Based on publicly available information searched, I will provide a detailed analysis of the technical barriers for Grand Sunergy’s heterojunction photovoltaic cells.

HJT cell production requires four core process links [1][2]:

• Texturing and Cleaning
  : Using chemical agents to clean silicon wafers and structure their surfaces
• Amorphous Silicon Thin Film Deposition (PECVD)
  : The core link for constructing heterojunction structures, with the highest difficulty; equipment value accounts for 50% of total investment
• TCO (Transparent Conductive Oxide) Preparation
  : Requires PVD or RPD equipment
• Electrode Preparation
  : Uses low-temperature silver paste printing process

PECVD equipment is the core of HJT production lines, with the highest technical barriers [1][2]:

• Foreign manufacturers include Meyer Burger, Applied Materials, etc.
• Domestic manufacturers include Maiwei Co., Ltd., Jiejia Weichuang, Jinchen Co., Ltd., Ideal Energy, etc.
• Equipment investment accounts for about 50% of the total, which is the most critical link in the entire production line

• Low-temperature Silver Paste
  : Special low-temperature silver paste is required; previously mainly imported, localization is ongoing [2]
• Targets
  : Currently mainly monopolized by Sumitomo of Japan; localization is advancing (Guangdong Xiangdao, Ena Optoelectronics, etc.) [1][2]
• Silicon Wafers
  : Need to use N-type silicon wafers with thinner thickness requirements (120-130μm)

Grand Sunergy is betting on heterojunction (HJT) technology, which is recognized as the next-generation mainstream technology in the photovoltaic industry [3][4]. The company entered the new energy field in 2022; although it is a latecomer, it has achieved differentiated competition by focusing on differentiated technical routes.

According to the company’s public information [4][5]:

• The mass production average power of the Zhulu Series G12-132 module reaches 725W
• The highest R&D power of a single module is 751.24W, with the highest module efficiency of 24.18%
• It is expected that the mass production shipment power will reach 730-740W in 2025

• The company actively promotes the collaborative development of upstream and downstream industrial chains
• Joined the “High-Efficiency Heterojunction 740W+ Club” to share resources with industry enterprises
• Promotes the standardization of heterojunction technology and enhances industry discourse power [4]

• Dr. Zhang Zhongwei, the company’s chief scientist, has profound accumulation in the photovoltaic field
• Established a complete product matrix: Xiangyang Series, Zheng Tu Series, Zhulu Series, Yulang Series [4]
• Continuously invests in advanced technologies such as 0BB, silver-coated copper, butyl rubber, light conversion film, and fine metallization

HJT has high technical barriers and large cost optimization space; the industry may form an oligopoly competition pattern of 2-3 players like the PERC era [1][2]. Only enterprises that excel in equipment can finally win.

• Cost Disadvantage
  : Compared with PERC cells, HJT cells still have a cost disadvantage of about 0.2 yuan/W [2]
• Capital Pressure
  : As a cross-industry enterprise entering the photovoltaic field, it needs a large amount of capital investment
• Capacity Release
  : The company has large planned capacity, but there is uncertainty in the actual release progress [3]

• Efficiency Advantage
  : HJT modules have an 8-10% power generation gain compared to PERC double-sided modules [1]
• Attenuation Advantage
  : HJT modules have a first-year attenuation of no more than 1%, then no more than 0.375% per year; after 30 years, the output power is not less than 87.4% of the standard power [1]
• Temperature Coefficient Advantage
  : The peak power temperature coefficient is -0.271%/℃, which is lower than PERC (-0.353%/℃) and TOPCon (-0.341%/℃) [1]

The technical barriers of Grand Sunergy’s heterojunction photovoltaic cells are mainly reflected in the following aspects:

1. Equipment Barriers
   : Core equipment like PECVD has high technical thresholds; the degree of localization directly affects the speed of cost reduction

2. Material Barriers
   : The localization process of key materials like low-temperature silver paste and targets determines the cost reduction space

3. Process Barriers
   : Synergistic optimization of the four process links requires a lot of know-how accumulation

4. Capital Barriers
   : HJT production lines have high investment intensity, requiring strong capital strength from enterprises

Relatively speaking, as a new entrant in the HJT field, Grand Sunergy still needs to continuously improve its technical accumulation and cost control. However, through measures such as focusing on differentiated technical routes, strengthening industrial chain collaboration, and actively promoting standardization, the company is gradually establishing its own competitive barriers [4][5]. The level of technical barriers will ultimately depend on the company’s R&D investment, industrial chain integration capabilities, and market expansion effectiveness.

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[1] Eastmoney.com - “Economic Viability Emerges, HJT Enters Pre-Era of Large-Scale Expansion” (https://pdf.dfcfw.com/pdf/H3_AP202305081586348307_1.pdf)
[2] Zheshang Securities - “Heterojunction: Major Technological Change in Photovoltaic Cells in the Next 5 Years!” (https://news.solarbe.com/202107/30/342362.html)
[3] Caifuhao - “Market Information Analysis Based on Current Time (December 2025)” (https://caifuhao.eastmoney.com/news/20251209205531915354800)
[4] Grand Sunergy Official Website - “Focus on Key Paths for Mass Production Cost Reduction and Efficiency Improvement of Heterojunction” (https://www.grandsunergy.com/new20241122/)
[5] Grand Sunergy Official Website - “Leading New Quality Productivity, Grand Sunergy Wins CREC 2024 New Energy Emerging Enterprise Award” (https://www.grandsunergy.com/new20241219/)